Guild Mortgage Lender Review 2024

Guild offers a wide variety of mortgage products, all of which have no minimum loan amount—except for its jumbo mortgages and bridge loans. Guild has fairly standard terms, offering fixed-rate mortgages in 15- and 30-year terms. Its credit score requirements are also broadly in line with national averages—with conventional minimums at 620 and jumbo loans at 680, for example.

The most unique perk that Guild offers is a “No-FICO” option for all mortgages (with the exception of jumbo and bridge loans). This takes into consideration alternative data, such as rent or utility payments, for borrowers with “non-traditional” credit, so that they might have a better chance to qualify.

Related: Best Mortgage Lenders

Guild has more than 260 branch locations throughout the country but says an applicant can complete the entire process online if desired. It also offers home loans in every state except New York.

The company says it averages 30 to 45 days to close on a purchase mortgage and 35 days to close a refinance, which is on the higher side of national averages.

However, qualified buyers can take advantage of Guild’s Homebuyer Express program, which guarantees closing in 17 days. If your loan does not close within that time frame due to Guild’s delay, the lender will pay $500 toward your closing costs.

• Conventional mortgages. Guild requires as little as 3% down and a minimum credit score of 620 for conventional mortgages, but you can also choose the company’s “No-FICO” option if your credit score isn’t at that level. Your DTI ratio can be up to 45%, according to a company spokesperson. Fixed-rate conventional mortgages come with 15- and 30-year terms, while adjustable-rate mortgages (ARMs) are available in 5/6, 7/6 and 10/6 terms.
• FHA loans. Guild offers loans from the Federal Housing Administration (FHA) to borrowers with credit scores as low as 540, a down payment as low as 3.5% and a DTI of 45% or lower. FHA fixed-rate loans come in 15- and 30-year terms, and ARMs are available in 5/6, 7/6, and 10/6 terms. Note that if you put down less than 10%, you’ll need to pay monthly mortgage insurance premiums for the life of the loan, as is standard with FHA mortgages.
• VA loans. Veterans Affairs (VA) loans are targeted at active-duty military service members and veterans. VA loans require a credit score of at least 540 and a DTI of 45% or lower. You aren’t required to make a down payment, but you may have to pay a VA funding fee.
• USDA loans. Guild offers U.S. Department of Agriculture (USDA) loans to buyers in certain rural areas of the country. You must have a credit score of at least 540 and a DTI of 45% or lower. Like VA loans, USDA loans can be had for as little as zero down.
• Jumbo mortgages. You can take out a jumbo mortgage with Guild for as little as $1 over the conforming loan limit. Borrowers also need a credit score of at least 680 and a 10% down payment.
• Bridge loans. Guild offers bridge loans for down payments as low as $40,000 and as high as $300,000. The loan must be for the purchase of a primary residence and be paid back within six months. You’ll need at least a 720 credit score to qualify.
• Refinance loans. As far as mortgage refinancing goes, Guild offers rate-and-term and cash-out options. If you already have a Guild mortgage and choose to refinance with the lender, you can get an interest rate discount of a half point. Other than that, rates and fees vary.

Like any mortgage lender, Guild has standards that you’ll need to meet before you can take out a home loan. Here are some of the requirements it sets.

Credit Score

Guild allows credit scores as low as 540 for some products, such as VA and FHA mortgages, but also offers a “No-FICO” underwriting option for borrowers with non-traditional credit.

Debt-to-income Ratio

DTI is calculated by dividing your monthly debt payments by your monthly gross income. A Guild spokesperson says the company’s maximum DTI ratio is generally 45%, but that may vary with other underwriting considerations.

Down Payment

As far as down payments go, here are Guild Mortgage’s requirements:

• Conventional. 3%
• FHA. 3.5%
• VA. None
• USDA. None
• Jumbo. Over 10%

A Guild spokesperson declined to share the fees charged by the lender. The company offers only one discount option—a half-point discount for refinances of existing Guild mortgages.

Borrowers can get prequalified for a mortgage instantly, according to a spokesperson, while a formal underwritten preapproval can be ready in less than three days.

For what Guild calls a “standard” purchase loan application, you’ll need your credit report, income and asset documentation, and an appraisal. But to be even more prepared, you should have the following on hand:

• Recent pay stubs
• W-2 forms showing the last two years of your employment
• Bank and investment account statements from the last three months
• Your home purchase contract signed by you and the seller
• If you are self-employed or you get paid any commissions, your most recent two years of tax returns
• If you own your own business, the most recent two years of personal tax returns and any relevant business returns

Related: How To Get A Mortgage: 7 Steps To Success

Guild Mortgage ranked first in customer satisfaction in the 2021 J.D. Power Mortgage Origination Satisfaction Survey, though it fell a few spots in the most recent survey. The company also has an A rating from the Better Business Bureau.

Satisfied borrowers cite thorough communication and knowledgeable loan officers as defining aspects of their Guild mortgage experience. Borrowers who recently did business with the lender and had less-than-satisfactory experiences complained about issues with payments and late or no responses to customer inquiries from some loan officers. However, your experience with Guild will, of course, vary.

Alternatives to Guild Mortgage

We graded Guild based on features that have a meaningful impact on the cost of a mortgage and a borrower’s experience, including interest rates, loan options, accessibility, closing time and customer service.

We awarded bonus points if a lender offers a specialty rate discount or mortgage product, a home equity product or maintains a fully online mortgage application process.

Our scoring method is broken down as follows:

• Interest rate. 20%
• Loan options. 20%
• Time to close. 20%
• Accessibility. 20%
• Customer service experience. 20%
• Bonus points. Up to 20 points

We chose to focus on these core elements to bring forward lenders that offer the most competitive rates while also providing a satisfactory customer experience accessible to borrowers of all financial backgrounds. We believe this scoring system best reflects consumers’ top priorities when comparison shopping for mortgage lenders.